Discounted Cash Flow (DCF) Analysis Unlevered
Tortoise Midstream Energy Fund, Inc... (NTG)
$34.23
+0.56 (+1.66%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 21.97 | -137.88 | -485.50 | 75.60 | 67.46 | -34.04 | 17.17 | -8.66 | 4.37 | -2.21 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 30.10 | -128.96 | -486.61 | 75.54 | 67.26 | -36.10 | 18.21 | -9.19 | 4.64 | -2.34 |
| EBITDA (%) | ||||||||||
| EBIT | 29.87 | -129.21 | -486.89 | 75.53 | 67.12 | -36.03 | 18.18 | -9.17 | 4.63 | -2.33 |
| EBIT (%) | ||||||||||
| Depreciation | 0.23 | 0.25 | 0.28 | 0.01 | 0.14 | -0.07 | 0.04 | -0.02 | 0.01 | -0 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | - | - | - | - | - | - | - | - | - | - |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 0.60 | 2.69 | 0.66 | 5.89 | 12.88 | -1.87 | 0.95 | -0.48 | 0.24 | -0.12 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | 0.31 | 6.44 | 0.85 | -1.10 | 0.56 | -0.28 | 0.14 | -0.07 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 34.23 |
|---|---|
| Beta | 0.000 |
| Diluted Shares Outstanding | 6.30 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 3.60% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 3.714 |
| Total Debt | 42.60 |
| Total Equity | 215.63 |
| Total Capital | 258.23 |
| Debt Weighting | 16.50 |
| Equity Weighting | 83.50 |
| Wacc |
Build Up Free Cash
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 21.97 | -137.88 | -485.50 | 75.60 | 67.46 | -34.04 | 17.17 | -8.66 | 4.37 | -2.21 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 30.10 | -128.96 | -486.61 | 75.54 | 67.26 | -36.10 | 18.21 | -9.19 | 4.64 | -2.34 |
| EBIT | 29.87 | -129.21 | -486.89 | 75.53 | 67.12 | -36.03 | 18.18 | -9.17 | 4.63 | -2.33 |
| Tax Rate | -35.34% | 2.59% | 0.30% | 0.00% | 0.00% | -6.49% | -6.49% | -6.49% | -6.49% | -6.49% |
| EBIAT | 40.43 | -125.86 | -485.43 | 75.53 | 67.12 | -38.37 | 19.36 | -9.77 | 4.93 | -2.49 |
| Depreciation | 0.23 | 0.25 | 0.28 | 0.01 | 0.14 | -0.07 | 0.04 | -0.02 | 0.01 | -0 |
| Accounts Receivable | - | -2.09 | 2.03 | -5.23 | -6.99 | 14.75 | -2.82 | 1.42 | -0.72 | 0.36 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | 6.13 | -5.59 | -1.96 | 1.66 | -0.84 | 0.42 | -0.21 |
| Capital Expenditure | - | - | - | - | - | - | - | - | - | - |
| UFCF | - | - | - | - | - | -25.65 | 18.24 | -9.20 | 4.64 | -2.34 |
| WACC | ||||||||||
| PV UFCF | -24.73 | 16.96 | -8.25 | 4.01 | -1.95 | |||||
| SUM PV UFCF | -13.96 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 3.70 |
| Free cash flow (t + 1) | -2.39 |
| Terminal Value | -140.50 |
| Present Value of Terminal Value | -117.16 |
Intrinsic Value
| Enterprise Value | -131.12 |
|---|---|
| Net Debt | 42.60 |
| Equity Value | -173.72 |
| Shares Outstanding | 6.30 |
| Equity Value Per Share | -27.58 |